JPMorgan aims to enhance its involvement in blockchain and cryptocurrency and is currently planning to provide cryptocurrency trading services, as revealed by a company executive.
However, directly hosting crypto assets is not being considered at this time.
In a conversation on CNBC’s Squawk Box Europe on Monday, Scott Lucas, JPMorgan’s global head of markets and digital assets, was queried about whether the bank would follow in the footsteps of competitors like Citibank in providing custody for cryptocurrency on behalf of clients.
Lucas responded that this is not in the “near-term horizon” for the bank but emphasized plans to offer crypto trading services.
“I think Jamie [Dimon] was quite clear on investor day that we are going to engage in trading, but custody is not on the table at the moment,” he remarked, adding that:
“There are numerous factors concerning our risk appetite and how far we wish to proceed along that path, particularly regarding trading and other aspects, and custody would follow in due course.”
Lucas noted that JPMorgan is currently assessing what “appropriate custodians” would look like for the firm.
JPMorgan’s ‘and’ approach to crypto
During the interview, Lucas referred to JPMorgan’s “and” approach multiple times, describing the bank’s intention to leverage several opportunities within the sector, rather than being confined to a single option.
“When it comes to our strategy, we are firmly adopting an ‘and’ approach. There’s the current market along with new opportunities. These ‘and’ opportunities are not mutually exclusive,” he explained.
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In 2025, JPMorgan has progressively embraced a broader perspective on crypto and blockchain, highlighted by partnerships with industry leaders like Coinbase.
This increased engagement appears partially influenced by a shift in perspective from its historically crypto-skeptical CEO, Jamie Dimon.
After years of criticizing the crypto sector, Dimon expressed in August that he has become a “believer in stablecoins” and recognizes the value of blockchain technology.
Regarding JPMorgan’s deposit token, JPMD, which began a pilot phase on Base in June, Lucas stated that while the bank is excited about its potential for serving institutional clients, it is also monitoring stablecoins.
“With JPMD, I think it’s truly exciting; there’s a real opportunity for us to consider various services for our clients on the cash side, in addition to addressing client demand for stablecoin transactions,” he added:
And that strategy is still evolving; it’s been only a few months since we received clearer regulations about what the opportunities may entail.
Regarding the wider blockchain landscape, Lucas also mentioned that JPMorgan does not believe a single network, such as Ethereum, will dominate the market and become the primary hub for activity.
Instead, he sees numerous future opportunities for the bank to engage with.
“I don’t expect just one network to prevail; in fact, we predicted some consolidation in the space, and we’re currently witnessing a slew of new layer 1s being introduced… so there are ample possibilities for public blockchains, and we definitely perceive opportunities that we will pursue in the upcoming quarters,” he stated.
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